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Thread: Can I make 40% per month consistently

  1. #1
    It seems too good to be true but that is the aim. Trading 1 lot per $10000 from the account aiming for net positive 20 pips daily. That will do it!!

    I had been taught trading by a well-known Canadian forex course and mentorship programme which concentrates on multiple time frame trading. My set up uses the following on all time frames:

    -MACD 12, 26, 9 largely for divergence
    -Stochastics 8, 3for oversold/overbought degrees and divergence
    -From the Daily Fozzy thread (thanks very much) the 8 SMA, 8 RSI, Bollinger Band combo
    -3 Willi percent R settings 14, 28 and 56 in the identical pane. The more of these indiors that group in OB or even OS zones and then cross back the greater.

    I also look at pivot points, supp and res amounts (and I include 50, 100, 200 ema's for this) candle and chart patterns, trend line fractures, fib amounts and divergence expecting to get a confluence of as many occasions as possible to encourage my trade.

    This gets hard to say if would I choose a trade as there are many variables but what I need to certainly see is:

    - A cross in the path of the transaction from the Daily Fozzy combo indior either the RSI crossing the outside BB but generally the RSI crossing the SMA
    - I like to watch stoch and W's% R go OB/OS in 2 time frames
    - The 14 W's% R crossing the -50 lineup in the direction of this transaction, this is my final filter to input

    I generally see EUR/USD, GBP/USD, GBP/JPY, EUR/JPY 4 hr and 30 min charts but that I shall flick across other currencies and time frames from time to time.

    Stops are relatively small, the more occasions that stack up the bigger the stops but 25 pips for cable (the W's% R filter helped a lot ) and 40 pips for yen currencies. Take profit is dependent (on cable) if I got in on 15/5 min charts 15 pips but on longer term transactions I look to maneuver stop to break even and proceed stop to lock in profits as the transaction progresses.

    In case this isn't sufficient I see brxxt's My Path to Financial Freedom really closely, if he makes a call I look to find out whether my needs concur. In addition, I look at the silverlining thread (search silverlining) which gets my attention, and I will watch to determine if comes back online, again my system must concur with their calls.

    I'm in South Africa and we're 1 hr earlier GMT, 6 hours prior to EST so the typical working day gets in the way of many transactions. No excuses I have to steal transactions where I could I may only be able to post after the event however.

    If all goes well I will be trading full time shortly.

  2. #2
    Hi,

    Good luck in your trading. Your objectives are reasonable. Unless I miss my guess, it sounds as if you're speaking about Peter Bain's program. I took Peter's course some 15 months ago. I am sorry I didn't know about him 4 decades ago when I began trading currencies (it might have saved me a lot money and time .)

    Perhaps you have considered trading part of the Asian session? Tokyo is 8 hours ahead of you, and Hong Kong is 7 hours ahead. By going to bed an hour or two after, you could trade the start of the Asian session, then ch everything you can of the London session throughout the day. I live on the West Coast of the U.S., and exchange the London session through the night and part of the Asian session at the first evening. Needless to say, I don't get a lot of sleep, however, the body adjusts.

    Looking forward to hearing your success in the Forex arena.

  3. #3
    Well I would not say its impossible but like I tell all my mates:
    one day at time and only time will tell

    Best of fortune

  4. #4
    Hi Clansman yes I am looking to trade Asian session specifically for my Willi percent R system that I have just posted. There are a number of transactions 8 pm est which is 2am local time. I need my sleep (I'm 48 on 18/4 thats a significant whohoo) and after a couple of days of this I had been stuffed at work. I don't have much choice though!!

  5. #5
    Looks like a trade Forming on the GBP/USD. Histogram divergence on 4 hr MACD, possibly MACD divergence on 1 hr and 30 minutes, stoch div on 1 hr.

  6. #6
    Day 1 came and went for me with no transactions whilst I was able to be in front of the pc. I have to take TOD - that the old dear yes mom to the doctor in 12 local time 6 am est so hopefully we will have something that this am.

    On that score I hate trying to jump in and trade news I've always got cleaned out.

    What exactly does seem interesting is EURJPY and GBPJPY if they could drop a bit more. On 30 min chart the W's% R 14, 28 and 56 for EURJPY and USDCHF are all bunched together in OS region which generally means a wonderful buy opportunity.

  7. #7
    Again on EUR and GBP/JPY the two hr chart both currencies Daily Fozzy indiors possess the RSI going below the reduced Bol Band which doesn't happen that often and also appears to indie we've a turn coming at some point.

  8. #8
    Since 29 Mar on EURJPY 30 min chart when 50, 100 and 200 ema's had their final cross upwards to confirm uptrend the 200 ema has effectively comprised price. The 200 ema may provide assistance at 161.10.

    The 2 hr chart has 50 ema in 161.12 and the 50 percent fib (on latest move from 159.90) can be in this region with a pivot degree at 161.26.

    Something large will want to happen to break those areas convincingly so it resembles a buy op about those levels.

    With this system you'll rarely get the best entry as confirmations are necessary for a turn but you should not get as many losing trades.

  9. #9
    On a normal day I'd be buying GBPJPY in 237.60 level as Daily Fozzy Indior RSI has crossed SMA along with the W's% R has crossed up -50. Price supported with a pivot level and 100 ema. All from 30 min chart.

    But maybe not 35 mins before large UK news. Seems like I'll have to resist that temptation!

  10. #10
    High inflation watched GBPJPY jump 100 pips out of where I would normally have liked to get in as per the previous post. Can you hear me shout neexxxxxt in fruion. Thankfully theres another trade out there .

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